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Committee forwards HOPE SF financing for Sunnydale and Hunters View to full Board
Summary
The committee recommended approval of a package of MOHCD financing measures to construct Sunnydale Block 3A (80 units) and Hunters View Phase 3 (118 units), including tax‑exempt and taxable bonds, city loans and an HCD award; developers and community groups urged approval.
The Board’s Budget & Finance Committee on April 19 advanced a set of Mayor’s Office of Housing & Community Development (MOHCD) measures to finance two HOPE SF developments: Sunnydale Block 3A (80 units) and Hunters View Phase 3 (118 units).
MOHCD described the financing package: Item 11 would authorize roughly $69 million in tax‑exempt and taxable bonds to finance Sunnydale Block 3A; Item 12 would approve MOCD loan agreements totaling $26.2 million and related loans for 20,000 square feet of commercial/community space; Item 13 approves a $21.2 million HCD award (part loan, part grant) tied to Sunnydale construction and transit improvements; Items 14 and 15 would authorize bonds and a city loan for Hunters View Phase 3, including a $76 million bond authorization and an approximately $50.5 million MOCD loan.
Officials said Sunnydale Block 3A will set aside 60 of its 80 units as replacement units for existing Sunnydale residents (50% AMI), with the remainder reserved for households at up to 80% AMI; the project includes family‑sized units and ground‑floor community/commercial space, including a DPH wellness center and an early‑childhood program. Hunters View Phase 3 will deliver 118 units including 53 public‑housing replacement units and commercial space; MOHCD said completion of these phases will mark major HOPE SF milestones and begin concurrent construction across three Hope SF sites.
Nick Menard (BLA) recommended approval of the loan items after reviewing budgets and project costs; the BLA showed the city's cost per unit and observed the projects’ city subsidy per unit are within the agency’s current pipeline norms. MOHCD and project sponsors described construction timelines: both sponsors expected construction to begin in May, with Hunter's View completing vertical construction within about two years.
Community speakers — nonprofit developers, senior‑services groups and residents — urged the committee to approve the funding packages to keep the pipeline moving. The committee voted to forward Items 11–15 to the full Board with a positive recommendation.
